CBN injects $326m into currency market

February 12th, 2018

The Central Bank of Nigeria (CBN) said at the weekend that it has injectedA�$325.64A�million into the interbank foreign exchange market as part of efforts to boost liquidity and reduce dollar shortages.

The central bank, in an emailed statement, said theA�$325.64A�million was earmarked for the agricultural, airline and petroleum products sectors, as well as for raw materials and machinery.

The bank also said its dollar reserves were enough to maintain the international value of the naira currency as well as a�?guarantee access to forex by those requiring it to meet genuine needsa�?.

Nigeriaa��s foreign exchange reserves stood atA�$40.56A�billion as of Jan. 29, up 4.6 percent from a month earlier. Successful debt sales, including multiple Eurobond offerings last year, have helped the government accrue billions of dollars in foreign reserves.